The new requirements around disclosure to clients or unrepresented parties are confusing to the general public as well as many Realtors. The implementation of the changes has many Realtors changing business practices to incorporate the disclosure requirements into the initial interaction with a potential consumer.
I have always been a firm believer in respecting each others time, energy, and personal preferences when it comes to all dealings. In terms of the Disclosure of Representation to new consumers, there is a lot of hesitation and uncertainty when it comes to when, what, and how, to convey this to the end user.
The Realtor must provide the Disclosure of Representation in Trading Services Form to you BEFORE working with you. What does this mean? What if you call the Realtor?
There does need to be clarity in terms of at WHAT POINT this form needs to be provided to the consumer. From the Consumer standpoint, you should know your options up front so that you can make an informed decision..
Do you want to be a CLIENT with a Designated Agent? (one agent representing you) OR;
Do you want to be an UNREPRESENTED PARTY? (limited fiduciary duties owed to you)
The BIG question is; if you call an agent and mention ANYTHING personal in regards to your personal information, motivation, price range, is this deemed IMPLIED AGENCY? Implied agency would be brought upon by the conveyance of this personal information, and now the Realtor is in a position of dual agency, if you are inquiring on the property that they are representing the Seller.... (Convoluted, I know. But nevertheless, important.)
SO, what should you do as a consumer so that you can get some simple answers to questions about properties and proceed in the information gathering stage? The easy answer is to call me and I can help, as long as you tell me nothing personal until you sign the Disclosure Form... The realistic answer is to make inquires, say nothing about your personal information or motivations, and have an agent represent you and guide you through the process.
I am always happy to help answer questions and provide education in this regard and am continuing to update myself as we move forward. If you or anyone you know is looking to get into the market, call or email me.
PS; If there is any grammatical errors, I am human. My strength is in negotiation and education, not grammar.
My Best, Arran
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